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January of 2009 is officially the worst January ever with a decline of 8.5% .  Whether you’re a believer of the January effect or the December Low Indicator it doesn’t really matter.   As I wrote here it looks like January’s action is setting up for a potentially disastrous year.  Both the December Low were broken and the January effect were negative.

For now I am still following the 7,500 thesis I wrote about a few weeks back. Next week is another big earnings week and a non-farm payrolls week.  This number should be truly ugly. As of today the market is only expecting a decline of 500K jobs, but don’t be shocked if that number is closer to 600K by the end of the week.